A bioinformatics company that’s developed software to analyze sequenced genomic data from cancer patients and their tumors has received a $250,000 investment from nonprofit business development group JumpStart.
Cleveland-area GenomOncology had previously raised $1.25 million, MedCity News reported late last month.
GenomOncology labels itself as a “genomics-as-a-service” business. The company predicts that the key to its success lay in its ability to quickly and accurately analyze data and report it to customers in an easily understood format.
Knowing the genetic makeup of a patient and tumor will allow doctors to match up those genetic characteristics with the type of cancer drugs that have been proven to work with them, personalizing better-targeted treatments and increasing the chances that they’ll be effective.
GenomOncology’s management team plans to use the funding to develop a go-to-market strategy, build out its management team and secure its first commercial contracts, according to a statement from Cleveland-based JumpStart.
The genomics startup plans to market its services to biopharmaceutical companies, cancer research groups and clinical oncologists.
GenomOncology’s competitors include genome software companies such as Knome and analytical companies such as GeneKey and Foundation Medicine.
The company’s lead investor is Zapis Capital Group. Its CEO is Manuel Glynias, a serial entrepreneur with a background in bioinformatics.
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By Brandon Glenn MedCity News
Brandon Glenn is the Ohio bureau chief for MedCity News.More posts by Author
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